关键词: 出版上市公司, 现金持有水平, 影响因素, 成长性

Abstract:

This paper investigates the empirical determinants of cash holdings in selected 13 listed
publishing companies during 2010 to 2014 year in China. It finds that financial leverage, cash substitutes have
a significant negative relation with the level of cash reserves, and ownership concentration exerts a significant
positive impact on cash holdings for all sample companies. For the high-growth listed publishing companies,
the result reveals that the cash flow and the debt maturity have a significant influence on cash holdings; for
the low-growth listed publishing companies, the capital expenditures have a weak impact on cash holdings.
Finally, it points out that listed publishing companies should adjust capital structure, increase investment
in short-term securities, perfect the corporate governance structure, and correctly handle the relationship
between the growth and cash holdings, etc.